Exchange rate changes affect economic activities and reflect the country's financial strength. In the current critical energy transition period, are exchange rate changes affected by the global energy transition? This paper focuses on three major exchange rates: USD/EUR, USD/CNY, and USD/JPY. Besides, we use total energy consumption, renewable energy consumption, and CO2 emissions in the residential, commercial, and industrial sectors to capture the energy transition progress. We have the following findings. On average, total energy consumption, renewable energy consumption, and CO2 emissions in different sectors will not affect USD/EUR and USD/JYP but USD/CNY. However, further research shows that industrial total energy consumption will have a long-term impact on USD/JYP. USD/JYP will react to residential renewable energy consumption in the short term while the industrial sector in the middle-long term. Residential and commercial total energy consumption have a short-lived impact on USD/CNY. Residential and commercial renewable energy consumption can affect USD/CNY in the long term while the impact of the industrial sector on USD/CNY is transient. In addition, all sectors' CO2 emissions have a significant short-term impact on USD/CNY. Therefore, countries should formulate more flexible exchange rate policies based on energy transition needs in different end-use sectors.

中文翻译：

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汇率变动与能源转型


汇率变化影响经济活动并反映国家的金融实力。在当前能源转型关键时期，汇率变化是否受到全球能源转型的影响？本文重点关注三种主要汇率：美元/欧元、美元/人民币和美元/日元。此外，我们还利用住宅、商业和工业部门的能源消耗总量、可再生能源消耗和二氧化碳排放来捕捉能源转型的进展。我们有以下发现。平均而言，不同部门的能源消耗总量、可再生能源消耗和二氧化碳排放不会影响美元/欧元和美元/日元，而是影响美元/人民币。但进一步研究表明，工业能源消耗总量将对美元/日元产生长期影响。美元/日元短期内将对住宅可再生能源消耗做出反应，而中长期将对工业部门做出反应。住宅和商业总能源消耗对美元/人民币的影响是短暂的。住宅和商业可再生能源消耗会长期影响美元/人民币，而工业部门对美元/人民币的影响是暂时的。此外，所有行业的二氧化碳排放对美元/人民币都有显着的短期影响。因此，各国应根据不同最终用途部门的能源转型需求，制定更加灵活的汇率政策。